CANADA STOCKS-TSX may open higher on China data, Fed policy

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Canada’s main stock index looked set to open higher on Thursday, tracking global markets, as favorable Chinese factory data and signals that the Federal Reserve would keep stimulating U.S. growth brightened the outlook for Canadian equities.

TOP STORIES

* Potash Corp of Saskatchewan reported a 22 percent drop in third-quarter earnings, just below analysts’ expectations, as sales of its namesake crop nutrient to China and India slipped, the company said.

* Nexen said it still expects a $15.1 billion takeover bid by China’s CNOOC Ltd to close in the current quarter.

* Procter & Gamble Co posted a first quarterly profit and maintained its key earnings forecast for the year as the world’s largest household products maker cut costs and narrowed its focus on key markets, products and countries.

CANADIAN STOCKS TO WATCH

* Agnico-Eagle Mines Ltd. : The company reported a quarterly profit on record gold production on Wednesday and boosted its output forecast for the year by 5 percent.

ANALYST RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters.

* Canadian Pacific Railway Co. : National Bank Financial cuts to underperform rating, says turnaround is underway but stock is getting ahead of itself while CIBC ups target to C$95 from C$83 on the company’s improving operations